How much are you earning per annum? - Page 1143 - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




How much are you earning per annum?

Reply
 
Thread Tools
  #11421 (permalink)  
Old 16-04-2018, 11:34 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
So many people with hundred of thousands of saving plus millions dollars assets wanting to retire comfortably. It is very sad to see the level of insecurity people have in Singapore. I am not advocating that we should not plan or save but most of the people here are over the top. Seriously, who can tell me with 101% confidence that they will be alive tomorrow? We do not know what will happen tomorrow, let alone in 10 years time. We should grab what we have today in our financial disposal to live and give to people around us. Money don't bring happiness, it bring misery in most cases, hoarding don't bring happiness to our neighbours, only by giving can we make our life worth living. Stop trying to live for the future and start living now.
I would not feel sad for people who are wealthy. But before we proceed to discuss further, I think it is important to define "rich" in a quantitative way otherwise "rich" is subjective and can lead to our misunderstanding of why certain "rich" people are insecure.

Someone has defined rich before and I think it is a good way to start:

Networth below $10M --> general masses
$10M to below $50M --> Rich or Wealthy
$50M to below $100M --> Very Rich or Very Wealthy
$100M to below $500M --> Super Rich or Super Wealthy
$500M to below $1Bn --> Uber Rich or Uber Wealthy
$1Bn and above --> Billionaire club

With the above definition, it is now clear that many posters here are just among the general masses. They are NOT Rich. They would explain their insecurity. Now you may argue that a person with $6M networth is rich, he may be richer than you but certainly not rich in the bigger scheme of things.

To get up (or promoted) to the Rich category is just a narrow band of $10M. A person in his mid 50s with a networth of $5M and if he struck the toto group1 prize of $6M, he would get elevated to the Rich category.

On the other hand, it is not so easy for a Rich person (networth more than $10M) to get into the next level of wealth, ie the Very Rich level. It is a $50M band! It gets harder and harder to move up the levels at the higher wealth level.

So people who are among the general masses, and aware of how "little" they have, compared to the Rich, will undoubtedly feel insecure. If a country has more and more people in the Rich category and you are among the general masses, you know the consequences are that things will get more and more expensive. Thus explains their insecurity.

Reply With Quote
  #11422 (permalink)  
Old 18-04-2018, 08:00 AM
Unregistered
Guest
 
Posts: n/a
Default Why it is sometimes difficult to retire

We often hear the argument that once you have enough finances, you should stop work and devote time to yourself, family and personal hobbies be they travelling, reading etc...

Having reached this stage of having "enough" finances and at 57, I find no compelling reason to stop working. Here are my reasons why I am continuing to work which I believe, are common to others who are in a similar situation.

1. Find meaning and satisfaction in the work that I do.
2. Have wonderful colleagues and team
3. Opportunities to travel and learn new things on the job!
4. Company still value your contribution, knowledge and skills
5. As we are no longer concerned with competing for promotion, we are more able to enjoy the work.

The "financial" reasons are still there but not as compelling once you achieved sufficient finances. But nevertheless, here they are:

1. Medical coverage both for outpatient and H&S
2. Paid leave - 24 days a year or 48 days if accumulated over 2 years
3. At 57, I am right smack in the golden period of wealth accumulation- where the financial commitments have tapered off and our income peaked, resulting in an accelerated savings! Together with our passive incomes, we are able to save more than our full salaries each year!
4. You see your networth hitting new highs every year.



SG BusLeh mobile app
SG BusLeh - the best bus app - available on iPhone and Android


SGX Stocks Android App - check share prices
SGX Stocks [Android] App - check latest share prices on the go


SGX Stocks for iPad - check latest Singapore share prices
SGX Stocks [iPad] app
| SGX Stocks [iPhone] app
Reply With Quote
  #11423 (permalink)  
Old 18-04-2018, 09:44 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
We often hear the argument that once you have enough finances, you should stop work and devote time to yourself, family and personal hobbies be they travelling, reading etc...

Having reached this stage of having "enough" finances and at 57, I find no compelling reason to stop working. Here are my reasons why I am continuing to work which I believe, are common to others who are in a similar situation.

1. Find meaning and satisfaction in the work that I do.
2. Have wonderful colleagues and team
3. Opportunities to travel and learn new things on the job!
4. Company still value your contribution, knowledge and skills
5. As we are no longer concerned with competing for promotion, we are more able to enjoy the work.

The "financial" reasons are still there but not as compelling once you achieved sufficient finances. But nevertheless, here they are:

1. Medical coverage both for outpatient and H&S
2. Paid leave - 24 days a year or 48 days if accumulated over 2 years
3. At 57, I am right smack in the golden period of wealth accumulation- where the financial commitments have tapered off and our income peaked, resulting in an accelerated savings! Together with our passive incomes, we are able to save more than our full salaries each year!
4. You see your networth hitting new highs every year.
It's good that you find meaning and satisfaction in your work. If I'm in your shoes, I would also want to continue working. What is your advice to those who have enough passive income and are tired of their job? Should they retire or look for another more meaningful job? I'm in this situation and I am in my late 40s.

Reply With Quote
  #11424 (permalink)  
Old 18-04-2018, 05:13 PM
Unregistered
Guest
 
Posts: n/a
Default With FI, follow your passion

Quote:
Originally Posted by Unregistered View Post
It's good that you find meaning and satisfaction in your work. If I'm in your shoes, I would also want to continue working. What is your advice to those who have enough passive income and are tired of their job? Should they retire or look for another more meaningful job? I'm in this situation and I am in my late 40s.
First of all, congratulations to you on attaining Financial Independence (FI). Attaining FI means you have options in regards to the kind of life you wish to live, which includes choosing the kind of job to do.

I would only recommend going into retirement if you have health issues and need rest to recuperate/recover, or if you have a hobby to retire to. And certainly do not retire for some foolish reasons like avoiding the peak hour traffic each day!

As you are only in your 40s, and not happy with your current job scope, you could explore taking on a different role with lower responsibility and correspondingly lower remuneration while staying in the same company to enjoy your accumulated benefits.

If not possible to stay in the same company, go out and explore doing something you have passion in and still bring in some "pocket" money. As long as you are paid, your CPF will continue to grow! The CPF is an important pillar for anyone in their retirement years.
Reply With Quote
  #11425 (permalink)  
Old 18-04-2018, 08:46 PM
Unregistered
Guest
 
Posts: n/a
Default

I am not rich in the material sense but I am rich in the whole sense. I have enough financial means and I have lots of free time to pursue my passion. I quit my corporate role to pursue a small business which I thoroughly enjoy. No more high stress corporate nonsense. I think I am the richest person on earth as I value each day of my free time as much as a $1m a day! My life is short on this earth and I want to make the best out of it. Why should I make an extra dollar which I don't need? I rather gain an extra free day which I value at $1m a day!
Reply With Quote
  #11426 (permalink)  
Old 19-04-2018, 08:08 AM
Unregistered
Guest
 
Posts: n/a
Default Where 1 + 1 > 2

In Singapore, it is very common to see dual income households, where both husband and wife are working. And rightly so, as the cost of living here is quite high.

It is in this regard that I greatly admire single income households where either the husband or the wife alone is earning an incoome. I can understand that these single income families may want to have a parent stay home to look after their young children and take care of household matters.

However, this comes at a great financial cost on top of the sacrifice of one partner to stay home and look after the household.

Just looking at my colleague's financial situation and mine and we can see a stark difference in terms of financial status after 33 years in the workforce. We were classmates at university and both of us came from humble homes. Both of us have two children, a boy and a girl. Our children have graduated and started working.

The difference starts here:

His wife is a full time housewife, my wife is a career woman.
He stays in a HDB Exec flat, I stay in a 4 bedroom condo, plus one investment condo
He has a car, while my wife and I have a car each.
His networth is slightly above $2M (including his HDB), while our networth is slightly above $7M.

In the next post I will share how the 1 + 1 > 2 comes in.
Reply With Quote

  #11427 (permalink)  
Old 19-04-2018, 09:20 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
In Singapore, it is very common to see dual income households, where both husband and wife are working. And rightly so, as the cost of living here is quite high.

It is in this regard that I greatly admire single income households where either the husband or the wife alone is earning an incoome. I can understand that these single income families may want to have a parent stay home to look after their young children and take care of household matters.

However, this comes at a great financial cost on top of the sacrifice of one partner to stay home and look after the household.

Just looking at my colleague's financial situation and mine and we can see a stark difference in terms of financial status after 33 years in the workforce. We were classmates at university and both of us came from humble homes. Both of us have two children, a boy and a girl. Our children have graduated and started working.

The difference starts here:

His wife is a full time housewife, my wife is a career woman.
He stays in a HDB Exec flat, I stay in a 4 bedroom condo, plus one investment condo
He has a car, while my wife and I have a car each.
His networth is slightly above $2M (including his HDB), while our networth is slightly above $7M.

In the next post I will share how the 1 + 1 > 2 comes in.
Thanks for sharing. I have a few queries.
Is your friendís Wife home schooling the children till they age 12 or 16? Do you think there is any difference in childrenís development, bahaviour, relationship with parents etc between yours and his?

I believe it is quite clear and straightforward that dual income has strong financial stability than single income but I believe there are benefits of single income family.
Reply With Quote
  #11428 (permalink)  
Old 19-04-2018, 03:25 PM
Verified Member
 
Join Date: Feb 2018
Location: Singapore
Posts: 28
prashantcoupons is on a distinguished road
Default

I am earning low, how can I improve my salary.
Reply With Quote
  #11429 (permalink)  
Old Yesterday, 07:28 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Thanks for sharing. I have a few queries.
Is your friendís Wife home schooling the children till they age 12 or 16? Do you think there is any difference in childrenís development, bahaviour, relationship with parents etc between yours and his?

I believe it is quite clear and straightforward that dual income has strong financial stability than single income but I believe there are benefits of single income family.
His children were not home schooled and attend regular schools just like mine.

As to the children's characters, I believe its highly dependent on nature (in born) rather than nurture. Meaning, the children's characters are very likely to take after the parents' characters. For eg., a mild mannered parent is likely to have mild mannered children. And your frugal behaviour is likely to pass on to your children too.

Our children are well behaved, balanced and responsible.
Reply With Quote
Reply

Bookmarks

Tags
bond, bond breaking, income pa, lawyer, saf

« Previous Thread | Next Thread »

Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Industries with Highest Proportion Earning 5-Figure Monthly Income Salary.sg Income and Jobs 23 06-08-2017 05:46 PM
Lawyer earning $25k/mth forged $65k payslip to get job Salary.sg Income and Jobs 2 30-12-2011 01:42 PM

» 30 Recent Threads
Credit Suisse - Compliance... ( 1 2 3... Last Page)
87 Replies, 35,870 Views
Is my progress considered slow?
3 Replies, 177 Views
Lawyer Salary ( 1 2 3... Last Page)
2,630 Replies, 851,039 Views
How rich/poor am I compared to... ( 1 2 3... Last Page)
40 Replies, 19,727 Views
Latest Jobs
0 Replies, 78 Views
Job Application with MOE... ( 1 2 3... Last Page)
153 Replies, 110,164 Views
Fresh Grad looking to enter...
0 Replies, 73 Views
Supply Chain Sector
6 Replies, 688 Views
How much are you earning per annum? ( 1 2 3... Last Page)
11,428 Replies, 2,850,619 Views
Shell TDP ( 1 2 3... Last Page)
60 Replies, 10,786 Views
Career as Social worker?
0 Replies, 123 Views
Compare civil service salary ( 1 2 3... Last Page)
6,977 Replies, 3,639,585 Views
Career Advice Needed ( 1 2)
16 Replies, 8,564 Views
Quitting a new job after 1 month
3 Replies, 546 Views
Schneider Electric - EGP (Grad... ( 1 2 3... Last Page)
31 Replies, 3,127 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
959 Replies, 389,983 Views
Calling ALL the Civil Engineer... ( 1 2 3)
27 Replies, 21,742 Views
Pay for digital marketing agencies
1 Replies, 413 Views
Help in Career in Logistics and...
1 Replies, 693 Views
Changi Airport Group ( 1 2 3... Last Page)
321 Replies, 197,848 Views
Working Culture in IRAS ( 1 2 3... Last Page)
42 Replies, 39,703 Views
Career in the SEO field
0 Replies, 363 Views
Usually SMBC from HR...
0 Replies, 430 Views
Constituency Manager (People... ( 1 2 3... Last Page)
551 Replies, 255,134 Views
Unpaid leave during probation
4 Replies, 522 Views
anyone working at NCS ? ( 1 2 3... Last Page)
250 Replies, 162,769 Views
List of Management Associate... ( 1 2 3... Last Page)
173 Replies, 78,636 Views
Working in HDB ( 1 2 3... Last Page)
242 Replies, 152,660 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 02:23 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2